Abstract of Title
A historical summary of the recorded instruments and proceedings on the title of a property.
Air Rights
The right to use or control the space above a property.Air Rights can also be sold, rented or leased to another party.
Amenities
The benefits from home ownership, such as a feature that enhances value.
Appraisal
An estimate of the value of the property. One may have an appraisal to determine the offering price during a sale.
Assignment
The process by which a right or contract is transferred from one party to another. Assigned contracts include mortgages, leases and deeds of trust.
Broker
A state licensed sales agent who acts for property owners and prospective purchasers in Real Estate transactions.
Brownstone
A 19th century house which shares a common wall with the neighboring property.
Building Amenities
The assets that buildings offer its owners or tenants.These can include a doorman, health club, club, garage etc.
Building Restrictions
Requirements in building codes that affect the size and appearance of the building.
Capital Expenditure
An improvement that will have a life of one year or more and will increase the value of the property.
Certificate of Occupancy
In New York City, each building is required to have a Certificate of Occupancy which permits the structure to be occupied by members of the public. This means that the building is in compliance to health and building codes.
Closing
The transfer of ownership of a property from the seller to the buyer according to the sales contract.
Co-Broke
This is the term used when a broker sends out their listing to other brokers and other firms. The brokerage community then receives the listings and the commission will now be split evenly between the seller's broker and the firm that provides the buyer of the property.
Combination
Refers to when an owner combines two adjoining apartments into one to enhance the value and the space.
Commission
Payment to the broker for his or her efforts on marketing and selling the property it is usually a percentage of the total purchase price.
Commission Split
The sharing of commissions between the listing agent and the broker of the buyer.
Common Area
The area on the property or in the building that is available for use to all owners and tenants.
Comparables
Used in assessing or establishing the fair market value of a property, a property which has been sold recently that is similar in size, condition, location and amenities.
Condominium
A building where individuals own individual units but share common areas with the other unit owners of the building. A more liberal type of ownership than Coops, Condominiums also have more lenient policies regarding subletting and pets.
Contract
A legally binding agreement between two parties. To have a valid contract for the sale of Real Estate there must be:
- an offer
- an acceptance
- competent parties
- consideration
- legal purpose
- written documentation
- description of the property
- signatures of the principals
Conversion
Property changing to a different form of ownership, such as a condominium to a cooperative or a commercial building to a residential building.
Convertible
A one or two bedroom apartment that has space to make another bedroom. The other bedroom can be made with the construction of a wall; however, the new bedroom must have a window in order for it to be legal.